Everton owner Farhad Moshiri CONFIRMS deal with 777 Partners, with controversial American investment firm taking 94.1% controlling stake in club
- Everton owner Farhad Moshiri has been negotiating sale of Premier League side
- Toffees have been in turmoil for some time, barely escaping relegation
- Listen to the latest episode of Mail Sport’s podcast ‘It’s All Kicking Off!’
Everton have announced that 777 Partners have agreed a deal to acquire Farhad Moshiri’s 94.1 per cent controlling stake in the football club.
Talks had been ongoing all week and Moshiri has now agreed to sell the club to controversial 777, who are led by Josh Wander.
A club statement this morning said that the transaction ‘strengthens the club’s balance sheet’ and guarantees full funding for the new stadium at Bramley Moore Dock.
Moshiri, who has been controlling shareholder since 2018, said: ‘The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago.
‘The days of an owner/benefactor are seemingly out of reach for most, and the biggest clubs are now typically owned by well-resourced PE firms, specialist sports investors or state backed companies and funds.
Farhad Moshiri (pictured) has announced a deal struck with 777 Partners, an investment firm
‘I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey, which I have predominantly financed to date.
‘I have spoken to a number of parties and considered some strong potential opportunities. However, it is through my lengthy discussions with 777 that I believe they are the best partners to take our great Club forward, with all the benefits of their multi-club investment model.
‘As a result of this agreement, we have an experienced and well-connected investor in football clubs who will help maximise the commercial opportunities, and we have secured the complete financing for our new stadium, which will be the critical element in the future success of Everton.
‘Today is an important next step in the successful development of Everton and I look forward to closely following as our Club goes from strength to strength.’
777 Partners operate a multi-club ownership model, while also holding a 45 per cent stake in the British Basketball League.
Other football clubs they have a majority stake in are Genoa, Vasco da Gama, Standard Liege, Red Star and Hertha Berlin.
While they also have minority stakes in Sevilla and Melbourne Victory.
More to follow…
777’s managing partner Josh Wander with be the face fronting the takeover
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